Lamarr Luxury Store’s Future Shifts Amidst Signa Group Insolvency

A once-ambitious department store project in Vienna faces a dramatic transformation. The planned Lamarr luxury store, a cornerstone of the Benko real estate empire, will now become a mixed-use development due to financial woes.

New Plans Emerge

Originally slated to open in spring 2025, the eight-story Lamarr on Mariahilfer Strasse promised high-end retail, dining, and services across 20,000 square meters. However, the Signa Group’s insolvency halted these grand designs. Now, after nearly a year and a half of vacancy, a new vision is taking shape, as revealed to nearby residents on Wednesday evening by real estate investor Georg Stumpf.

Demolition and Transformation

The initial plan, according to the ZiB2 report, involved a partial demolition of the building, preserving only the first floor. Instead of retail spaces, the project will now feature 200 apartments. A portion of the property will still house commercial areas, while the building’s rear will become a hotel. The projected completion date is 2028.

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In 2023, the construction sector in Austria faced a significant downturn, with building permits declining by 10% (Statista 2024).

Preserving a Green Space

A key feature of the original design, the nearly 1,000-square-meter rooftop terrace, will be retained and opened to the public. Residents expressed mixed feelings about the construction, welcoming the end of the construction site but also anticipating the disruption caused by noise.

The future of the Park Hyatt and the Golden Quarters, also previously under the Signa Group’s ownership, is now uncertain as new buyers are being sought.